European Midday Update: Nasdaq Inspires More Tech-Driven Gains

While London goes tech-mad, the Continent sees strong telcos and blue-chip techs commanding trades.
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LONDON -- The London market is going tech-mad this morning following the

Nasdaq's

latest rise into uncharted territory. The

FTSE 100

was 89.2 higher to 6232.0, and the

Techmark

index of leading tech stocks was 153.7 points higher to 5151.0.

Logica

, which revealed a 63% leap in interim profits Wednesday, took another giant step forward with a gain of 213p to 26.30 pounds.

Psion

was up 278p to 55.00 pounds after its

Symbian

arm unveiled the first integrated wireless computing platform at the Hanover tech fair.

Baltimore Technologies

continued to defy gravity and was up 550p to 119.50 pounds.

This morning's earnings results were all given a good reception at first, but one or two of the stocks were hit by profit-taking.

Rio Tinto

rose 35p to 10.90 pounds after revealing sharply higher earnings, before easing back to stand 25p cheaper on balance at 10.30 pounds. And

Reed International

flew up 67p to 675 before slipping back to stand 5p cheaper on balance at 605 as the company revealed its new Internet strategy.

Europe's continental stock markets built on Wednesday's gains, with blue-chip technology shares pulling the most weight. The

Xetra Dax

in Frankfurt was up 87.30 to 7786.27, and the Paris

CAC

was 117.79 higher at 6149.04.

German electronics giant

Siemens

(SMAWY)

climbed 5.60 euros to 186.20, while software maker

SAP

(SAP) - Get Report

cracked the 900-euro level and was up 47 euros to 901, after announcing at the CeBIT trade show that it was grounding a new subsidiary for e-business.

Big telco shares around the Continent were having a solid session, with

Deutsche Telekom

(DT) - Get Report

up 5.65 euros to 93.15, Spain's

Telefonica

(TEF) - Get Report

up 1.01 euros to 29.39 and

France Telecom

(FTE)

1.90 euros higher at 168.70.

After days of making powerful gains, the shares of some utilities finally took a breather.

Veba

(VEB)

was down 1.25 euros to 51.75,

Viag

(VGAGY)

fell 0.68 to 20.57, and

RWE

was down 1.61 euros to 34.90 after presenting disappointing results.